SharpLink Gaming Spends $528 Million on Ethereum in One Month

SharpLink Gaming, a prominent player in the iGaming and sports betting technology sector, has made significant strides in the Ethereum market. The company has acquired over $525 million worth of Ethereum in transactions completed within a span of less than one month. On Wednesday, SharpLink disclosed that it had purchased 198,167 ETH valued at approximately $517 million at an average price of $2,608. The following day, it acquired an additional 2,738 ETH via an over-the-counter transaction worth about $7.09 million.

SharpLink's Ethereum buying spree began in early June following the close of a funding round. On June 13, the company acquired 176,271 ETH for $463 million. Eleven days later, it added 12,207 ETH. With the latest purchase of 4,951 ETH for $12.4 million, SharpLink’s total holdings now stand at more than 202,000 ETH. The company’s aggressive accumulation of Ethereum underscores its strategic move to leverage the cryptocurrency as a core asset in its financial portfolio.

According to on-chain market data tracker, the company spent a total of $528 million to accumulate 202,800 ETH, at an average purchase price of $2,606. However, the firm’s crypto portfolio is on a $22.92 million loss, based on current market prices. Most of SharpLink’s assets are allocated to liquid-staked Ethereum (lsETH) on staking service, with additional small holdings in CROAK, DAI, and BNB. About $1,700 worth of ETH is unstaked.

SharpLink Gaming's substantial investment in Ethereum reflects a broader trend among institutions increasingly viewing Ethereum as a valuable asset. Other institutions joining SharpLink in ETH accumulation include, which announced that it had closed an underwritten public offering totaling approximately $162.9 million in net proceeds. The company stated that “all proceeds are going towards ETH investments.” The company plans to use ETH as its core treasury asset and track the value of Ethereum held per share as a performance indicator.

Meanwhile, Mega Matrix Inc. confirmed it had purchased 40 ETH at $2,462 each, an investment of just under $100,000. The company stated the acquisition was meant “to revive its staking operations,” which were suspended in 2024 after regulators questioned the company’s digital asset business model. Mega Matrix has opted for a lean setup involving solo staking through an institutional-grade platform, with custody handled by and management through Cactus Wallet.

SharpLink Gaming's aggressive Ethereum purchases highlight the growing institutional interest in the cryptocurrency. The company's strategy of accumulating Ethereum as a core asset aligns with the broader trend of institutions recognizing the potential of Ethereum as a store of value and a medium for financial transactions. The move by SharpLink Gaming and other institutions to invest heavily in Ethereum signals a shift in the financial landscape, where cryptocurrencies are increasingly seen as viable assets for long-term investment and strategic financial planning.